Deutsche Bank AG (DB) is slightly undervalued and ICICI Bank Ltd ADR (IBN) is slightly overvalued.
Against our estimates of intrinsic value, DB trades at the wider discount: a margin of safety of +14%, against -16% for IBN.
Values as of the 22 Sept 2026 close.
Book value at 0.98x, the multiple a 9.8% return on equity justifies, blended with earnings, values the shares at $43.54; the price of $37.56 is 14% below that value.
Leak Score 22/100 on 3 of 12 signals
Book value at 2.50x, the multiple a 15.7% return on equity justifies, blended with earnings, values the shares at $24.21; the price of $28.04 is 16% above that value.
Leak Score 27/100 on 3 of 12 signals
| Metric | DB | IBN |
|---|---|---|
| Verdict | Slightly undervalued | Slightly overvalued |
| Price | $37.56 | $28.04 |
| Intrinsic value | $43.54 | $24.21 |
| Margin of safety | +14% | -16% |
| Leak Score | 22/100 (3/12) | 27/100 (3/12) |
| Market cap | $70.6B | $100.6B |
| Revenue growth, 5 years | 13.7% | 10.3% |
| Operating margin | 16.5% | 24.8% |
| Net margin | 10.7% | 17.7% |
| Return on equity | 9.8% | 15.7% |
| Debt to equity | 2.22 | 0.59 |
| P/E | 9.8x | 16.4x |
| Forward P/E | 8.4x | 14.4x |
| P/B | 0.9x | 2.5x |
| Dividend yield | 3.5% | 1.0% |